Scotland’s second largest firm by turnover, Dundas & Wilson, has grown by just 2 per cent over the past financial year, with revenue at £62m.
The figure, up from £61m in 2009-10, marks a return to growth for the firm after turnover dipped 12 per cent in 2008-09 and 8 per cent in 2009-10.
Profit per partner is up 8 per cent, from £317,000 in 2009-10 to £325,000 in 2010-11.
Net profit is £25.68m, with a profit margin of 42 per cent, up 1 percentage point on 2009-10.
In a statement, managing partner Donald Shaw, said: “This is an acceptable set of results, particularly given the challenging trading conditions across the legal services market…Counter cyclical areas such as restructuring and recovery and litigation continue to perform strongly and, in spite of continuing challenging economic conditions, our real estate practice has also been a major contributor to our overall performance.”
Dundas & Wilson has 368 fee earners across offices Edinburgh, Glasgow and London. The firm has an all-equity partnership and a merit-based remuneration system.
The firm had the largest revenue of any Scottish firm until McGrigors overtook it in 2009-10, posting turnover of £69m (2 August 2010). McGrigors is yet to release its results for the 2010-11 financial year.